JinkoSolar Stock Jumps 8% on News of Solar Panel Production in Florida
The stock of JinkoSolar Holding Co. Ltd. (NYSE: JKS) jumped nearly 8 percent Wednesday after the company said it is expecting to begin producing solar panels at a new factory in Jacksonville, Fla., by the fourth quarter, despite the looming tariffs on Chinese imports.
The Shanghai-based company said today that production in Jacksonville will not be affected by the $50 billion in tariffs on Chinese goods imposed by the Trump administration on Friday.
JinkoSolar's business development director, Jeff Juger, said the new duties "do not impact our operation in Florida because all the cells we're going to import (to the plant) come from Malaysia."
As to the tariffs imposed on imported solar panels earlier this year, Juger said the Florida plant would take advantage of an exemption that allows U.S. manufacturers to import 2.5 gigawatts of tariff-free cells for use in manufacturing solar modules at American plants.
The Jacksonville factory will employ more than 200 workers, Juger told Reuters at a conference, adding that coping with tariffs and trade issues has been part of JinkoSolar's business for years.
"We just have to persevere no matter what the circumstances," he said. "The decision to invest in the Florida factory is a testament to our commitment to the U.S. market."
The stock of the company jumped nearly 8 percent today to $13.09 per American depositary share.
(Source: Thomson Reuters Eikon)
(Reuters contributed to this article)